IFC Helps Develop Appraisal System in Azerbaijan to Support Local Mortgage Market
In Baku:
Rasmina Gurbatova
Phone: (+99412) 497 - 8981
E-mail: RGurbatova@ifc.org
Baku, Azerbaijan, April 8, 2009—IFC,
a member of the World Bank Group, has helped establish the first residential
property appraisal system in Azerbaijan that will help people use real
estate as collateral for obtaining bank loans and support development of
the local mortgage market.
About 70 percent of bank loans in Azerbaijan
are collateralized by real estate. In the current economic environment,
the level of foreclosures and mortgage-loan restructurings are expected
to rise, making appraisal issues especially important for both lenders
and borrowers. After a year-long effort, IFC has launched an appraisers’
certification system in the country that should help improve appraisal
practices and minimize systematic risks.
Victor Mints, Project Manager for the
IFC Azerbaijan and Central Asia Primary Mortgage Market Development Project
noted that a properly functioning property appraisal system will help guarantee
objectivity of appraisers and raise their level of professionalism. “This
system is vital for ensuring resolution for lenders and borrowers,” he
said.
“We thank IFC for helping create this
ground-breaking certification system that will strengthen qualifications
of appraisers, which is particularly critical during tough times,” said
Ibrahim Guliyev, Chairman of the Azerbaijan Society of Appraisers. “We
hope to cooperate further with IFC in adapting and implementing the system
at the national level.”
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
|
